CoinSmart Announces Acquisition by Coinsquare, Creating one of Canada’s Largest Crypto Asset Trading Platforms

TORONTO, ON, Sep 23, 2022 – (ACN Newswire) – CoinSmart Financial Inc. ("CoinSmart" or the "Company") (NEO: SMRT) (FSE: IIR), announced today that it has entered into a definitive agreement dated September 22, 2022 (the "Purchase Agreement") with Coinsquare Ltd. ("Coinsquare"), a leading Canadian crypto asset trading platform, pursuant to which CoinSmart has agreed to sell to Coinsquare all of the issued and outstanding shares of its wholly-owned operating subsidiary Simply Digital Technologies Inc. ("Simply Digital") (the "Transaction").

The acquisition and integration of these two businesses will establish Coinsquare as one of Canada's largest crypto asset trading platforms with a diversified and compliant offering across various business lines, including both retail and institutional trading, crypto payment processing, and digital asset custody. CoinSmart will hold approximately 12% ownership in Coinsquare on a pro-forma basis. The combined company has transacted over $10 billion since January 2018, and will have over $350 million in assets under custody with a combined user base in excess of 1 million.

Coinsquare is in the final stages of its approval to become Canada's first crypto asset trading platform regulated as an Investment Industry Regulatory Organization of Canada ("IIROC") dealer and marketplace member.

"Today is an exciting day for all of us at CoinSmart," said CoinSmart CEO Justin Hartzman. "We are thrilled to be working alongside the Coinsquare team to build one of the largest regulated crypto asset trading platforms in Canada and I could not be more proud of what we have accomplished so far. With a diversified product suite, exceptional crypto talent, and one of the largest user bases in Canada, the combined company will be well-positioned to pursue its aggressive expansion plans. While the crypto market is in the building phase of its life cycle, this transaction will provide the torque needed to be in a favourable position entering the next bull run."

"This acquisition represents a monumental and exciting milestone for both companies and brings together two industry leading management teams," said Coinsquare, CEO Martin Piszel. "We are excited to work together to shape how the crypto industry in Canada grows and evolves, and together we will be able to offer our clients the most innovative and secure products backed by the highest standards of regulation in the industry."

Key Transaction Benefits

– One of Canada's Largest Crypto Asset Trading Platforms: combined company will have transacted over $10 billion in crypto transactions since January 2018 and will have over $350 million in assets under custody, together with a diversified and regulated platform across trading, payments, asset management, and digital asset custody.
– Acquisition of Cash and Shares with Upside to Shareholders: consideration payable to CoinSmart at closing of $3 million in cash, and the issuance of 5,222,222 common shares of Coinsquare ("Coinsquare Shares"), with an aggregate deemed value of approximately $26,215,555, plus the ability to receive up to approximately $20 million in additional cash consideration on the achievement of SmartPay business earn-out targets and 1,100,000 Coinsquare Shares on the achievement of over-the-counter ("OTC") business earn-out targets. It is further anticipated that CoinSmart will hold cash (or crypto assets) of approximately $10 million on completion of the Transaction.
– Investment in Canada's only Qualified Custodian for Digital Assets: backed by Coinsquare, Coinbase Ventures and other well-known financial institutions, Tetra Trust is Canada's only qualified custodian for digital assets, and represents significant potential upside for Coinsquare shareholders.
– Exposure to Diversified Investment Portfolio: Coinsquare, through its subsidiary Coinsquare Investments Ltd., holds a diversified investment portfolio in assets, such as FRNT Financial ( TSXV: FRNT) and two Blockchange Ventures funds.
– Management Team to Join Coinsquare: CoinSmart Co-Founders Justin Hartzman, Jeremy Koven, and Michael Koral, amongst others, will join Coinsquare. Justin Hartzman will join the Coinsquare Executive Team and CoinSmart will be entitled to a nominee to join the Coinsquare Board of Directors upon completion of the Transaction.
– Voting Support by Senior Officers and Directors of ~45%: each of the directors and certain senior officers of CoinSmart have entered into support and voting agreements with Coinsquare pursuant to which they have agreed to vote in favour of the Transaction.

Transaction Details

Pursuant to the terms of the Purchase Agreement, Coinsquare will acquire all of the issued and outstanding shares of Simply Digital on a cash-free, debt-free basis.

The purchase price, which is subject to standard post-closing adjustments as set out in the Purchase Agreement, will be satisfied on closing by (i) the payment to CoinSmart of $3 million in cash, and (ii) the issuance of 5,222,222 Coinsquare Shares to CoinSmart. Coinsquare's largest shareholder, Mogo Inc. (NASDAQ: MOGO) (TSX: MOGO), disclosed in their most recent financials that they valued the Coinsquare Shares at approximately $5.02 per Coinsquare Share as of June 30, 2022. There can be no assurance that such value per Coinsquare Share has not changed since June 30, 2022.

Subject to the terms set forth in the Purchase Agreement, additional consideration will be payable to CoinSmart pursuant to the Transaction upon the achievement of certain revenue-based earn-out targets related to CoinSmart's SmartPay business and OTC trading business. Up to an additional $20 million in cash may be payable pursuant to the SmartPay earn-out (over a period of three years following closing of the Transaction) and up to an additional 1,100,000 Coinsquare Shares may be issuable pursuant to the OTC earn-out (over a period of one year following closing of the Transaction).

On completion of the Transaction, CoinSmart will hold approximately 12% of the issued and outstanding Coinsquare Shares. Coinsquare is a privately held company incorporated under the laws of Canada. Other than its interest in Coinsquare Shares and cash, CoinSmart will hold no other material assets immediately following the completion of the Transaction. The Transaction has been unanimously approved by the board of directors of the Company (the "Board").

Under the terms of the Purchase Agreement, the Board may respond to an unsolicited bona fide written proposal that, having regard to all relevant terms and conditions of such proposal, constitutes or could reasonably be expected to constitute or lead to a Superior Proposal (as defined in the Purchase Agreement).

The Transaction will constitute the sale of all or substantially all of the undertaking of CoinSmart pursuant to the Business Corporations Act (British Columbia) and, accordingly, will require approval by not less than two-thirds of the votes cast at a special meeting of the shareholders of CoinSmart (the "Meeting"). CoinSmart currently expects to mail the management information circular in connection with the Meeting to shareholders on or before October 29, 2022, and to hold the Meeting on or before November 29, 2022. Subject to the satisfaction (or waiver) of applicable closing conditions as set forth in the Purchase Agreement, the closing of the Transaction is anticipated to occur in the fourth quarter of 2022.

The management of CoinSmart will be employed by Coinsquare following the closing of the Transaction and will continue to play an active role in the ongoing and future business of Simply Digital (including the SmartPay business and the OTC business).

Board Recommendation

The Board has unanimously determined that the Transaction is in the best interests of CoinSmart. Accordingly, the Board approved the Purchase Agreement and recommends that Shareholders vote in favour of the resolution to approve the Transaction at the Meeting.

Each of the directors and certain senior officers of the Company, collectively holding approximately 45% of the issued and outstanding common shares of the Company, have entered into support and voting agreements with Coinsquare pursuant to which they have agreed to support and vote in favour of the Transaction. In making its determination, the Board considered, among other things, an opinion provided to the Board by Eight Capital to the effect that, based upon and subject to the limitations, assumptions and qualifications stated in such opinion, the consideration to be received by CoinSmart pursuant to the Transaction is fair, from a financial point of view, to CoinSmart.

Financial Advisors and Counsel

In connection with the Transaction, CoinSmart has engaged Eight Capital as its financial advisor and Wildeboer Dellelce LLP as its legal advisor. Coinsquare has engaged Origin Merchant Partners as its financial advisor and Goodmans LLP as its legal advisor.

Additional Information

Complete details of the terms and conditions of the Transaction are set out in the Purchase Agreement, which will be filed by CoinSmart under its profile on SEDAR at www.sedar.com.
In addition, further information regarding the Transaction will be contained in the management information circular in respect of the Meeting which will be filed on SEDAR at the time that it is mailed to shareholders. All shareholders are urged to read the information circular once it becomes available, as it will contain additional important information concerning the Transaction.

About CoinSmart

CoinSmart is a leading Canadian-headquartered crypto asset trading platform dedicated to providing customers with an intuitive way for buying and selling digital assets, like Bitcoin and Ethereum. CoinSmart is one of the few crypto asset trading platforms in Canada to be registered as a securities dealer and marketplace with the Ontario Securities Commission. CoinSmart is also one of the first Canadian headquartered trading platforms to have an international presence, accepting customers across 40+ countries at a time when the digital asset industry continues to rapidly expand. CoinSmart further builds on its mission to make cryptocurrency accessible by providing educational resources tailored to every level of cryptocurrency knowledge and unparalleled 24/7 omni-channel customer support. Offering instant verification, industry leading cold wallet storage, advanced charting with order book functionality and over-the-counter premium services, CoinSmart ensures every client's needs are met with the highest level of quality and care. For more information, please visit www.coinsmart.com.

About Coinsquare

Founded in 2014, Coinsquare, a private company incorporated under the laws of Canada provides customers with a proprietary platform engineered to deliver a robust, secure, and intelligent interface for trading Bitcoin, Ethereum, Litecoin, and other digital assets. Coinsquare has grown to become Canada's oldest operating digital asset firm, trading on behalf of over half a million Canadians. Coinsquare has raised over $100M in capital and has successfully executed trades in excess of $8 billion to date. For more information, please visit www.coinsquare.com.

For further information: Contact Details:

CoinSmart
Justin Hartzman, Chief Executive Officer
Email: ir@coinsmart.com
Tel: 1.647.923.7678

The Top Floor Public Relations
Michele McDermott-Fox
Email: michele@thetopflooragency.com,
Tel: 1.905.379.1893

SOURCE: Platodata.io

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" which may include, but is not limited to, information with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, among other things, statements and information concerning: the anticipated benefits of the completion of the Transaction; the opportunities available to the combined company on completion of the Transaction; the consideration payable to the Company pursuant to the Transaction, including potential additional consideration payable upon the achievement of specified earn-out targets; the Company's pro-forma ownership of Coinsquare following completion of the Transaction; membership of the Company nominee on the board of Coinsquare following the completion of the Transaction; the requirement for the Company to obtain shareholder approval of the Transaction; the anticipated timing of the Meeting; the parties' ability to satisfy closing conditions, including the receipt of necessary regulatory approvals; and the anticipated timing for completion of the Transaction.

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking information involves known and unknown risks, uncertainties and other risk factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks in respect of forward-looking information in this press release include: risks associated with the Transaction and with purchase and sale transactions generally, such as the failure to satisfy closing conditions contained in the Purchase Agreement, the failure to obtain shareholder or regulatory approvals, and the absence of material adverse changes or other events which may give the parties a basis on which to terminate the Purchase Agreement; and the risk that the Transaction may not close on the anticipated timeline, or at all. In addition there are business risks and uncertainties associated with the digital currency industry generally, including: adapting to technological change, new products and standards; increased competition that adversely affects business; additional competition from new or existing technologies that adversely affect business; software products and/or services may contain undetected errors or "bugs", vulnerabilities or defects; damage or failure of information technology; cybersecurity risks associated with data security and hacking; potential violations of applicable privacy laws; political, economic and other uncertainties in respect of digital currencies; and various other risks as set out in the annual information form of the Company dated March 31, 2022, in respect of the financial year ended December 31, 2021, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify certain important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking information. The Company undertakes no obligation, except as otherwise required by law, to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors change.

The Transaction cannot close until the required shareholder and regulatory approvals are obtained. There can be no assurance that the Transaction will be completed as proposed or at all. The Transaction could be modified, restructured or terminated. Investors are cautioned that, except as disclosed in the Purchase Agreement or management information circular to be delivered to shareholders in connection with the Transaction, copies of each of which are or will be filed under the Company's profile on SEDAR at www.sedar.com, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.

The NEO Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Spool launches its Smart Vault tool to radically simplify risk-managed yield portfolio creation

Tel Aviv, Israel, Sep 21, 2022 – (ACN Newswire) – Spool, the DAO creating a platform to build seamless DeFi products for investors of all backgrounds, launches its Smart Vault creation tool. Smart Vaults enable individuals and institutions to create customizable and diversified yield portfolios. Through a 5-step Smart Vault, or "Spool," creation process, users can tailor all aspects of their portfolio, including assets, risk models, strategies, and allocations, to their goals.

Digital assets have the potential to change how people invest and build wealth. But the difficulty in getting accustomed to DeFi processes slows adoption. Cryptocurrency can be confusing to navigate on its own, and adding in the complexities of financial strategies and technology often stifles curiosity and exploration. Traditional institutions and individual investors interested in entering the DeFi space may find it grueling to build and manage comprehensive yield-generating portfolios.

Spool empowers investors of all sizes to easily participate in DeFi by simplifying previously inaccessible investment products. Through its non-custodial platform, users now have access to multiple yield generators while maintaining control of risk appetite and portfolio diversification. Built as a toolbox for institutions and individuals exploring decentralized finance, Spool eliminates the complexity that often characterizes DeFi product creation. The Spool Smart Vault creation pathway grants user agency over every key parameter of their DeFi portfolio, including:

Spool Asset
Users can select from 3 stablecoins including USDC, DAI, and USDT to start building the portfolio.

Risk Model
Spool's native risk model analyzes key facets of yield generators including APY, TVL, time deployed, code audits, bug bounties, and depth of smart contracts to generate a comprehensive risk score. External risk model providers can create additional models implementing their own assessment criteria, which can be added to the platform once approved by the Spool DAO. This allows capital contributors to choose which model to utilize based on parameters that best suit their needs.

Strategies
Creators can select and combine multiple strategies to build a diversified yield portfolio. Currently available strategies use key yield farming protocols and liquidity pools such as Aave, Curve, Harvest, Convex, and Yearn, among others.

Risk Appetite
Capital contributors can set an adjustable risk appetite for their chosen investments using a sliding scale from 1 to 10. Each setting automatically updates fund allocations to each strategy and the projected APY which reflects the risk appetite.

Performance Fee
Once all the yield generators are selected, Spool creators can set a performance fee to a maximum of 20 percent, generating additional profit from other investors choosing to deposit in the Smart Vault. Spool creators can then name their Spool and connect their crypto wallet, activating the Smart Vault.

The Spool creation feature opens the door for further developments. This includes a Software Development Kit (SDK) built for seamless white-labeled front-end integration by third-party developers, projects, and businesses to utilize Spool's Smart Vault solution. Additional integrations to Spool's native infrastructure include user-generated risk models and additional strategy protocols.

"We are incredibly proud to launch our flagship service to any investor or institution ready to make the leap into DeFi," says Philipp Zimmerer, Core Contributor at Spool. "DeFi is the future of finance, but making its infrastructure accessible to everyone is vital to help grow to its full potential. Opening our creation toolkit puts Spool at the forefront of becoming the hub for decentralized financial products and services."

About Spool

Spool is a DAO building a comprehensive and simplified infrastructure for DeFi investment products. Spool unlocks the capabilities of decentralized investment to a global audience through a single interface that prioritizes accessibility and customization. By providing a top-tier toolbox for institutions and investors alike-Spool opens the door for diversified, risk-adjusted DeFi returns. To learn more, please visit https://www.spool.fi/.

Media Contact:
Anastasia Perlukhina
anastasia@reblonde.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Mark your calendar to be a part India’s most comprehensive trade fair for the BFSI Tech & Fintech sector

MUMBAI, INDIA, Sep 20, 2022 – (ACN Newswire) – The BFSI & Fintech sector in India has gone through a significant expansion over the last few years witnessing a massive move towards digitization and the pandemic has accelerated the adoption of various digital technologies, processes and systems. With the pandemic adversely affecting the sector's transformation and market penetration, it is now more important than ever before for the sector to gear up for the challenges ahead.

In recent times, technological advancements are undoubtedly helping banks to thrive in a constantly changing environment by transforming business processes and initiating efficiency, speed, consistency, and cost-saving measures. Investing in these technologies has ensured benefits and significant results in the areas such as improved customer experience, enhanced user interface, improved efficiency, increased productivity, cost-effectiveness, enhanced flexibility, risk management, fraud detection, real-time data assessment & processing and transparency.

Focusing on bridging the gap between the BFSI and Fintech sector, the 10th edition of IBEX India, the country's only comprehensive trade fair and conference, establishes a foothold amongst the premier players of the Indian banking and financial ecosystem. IBEX India is a definitive platform that provides the perfect opportunity for collaborations, convergence, and integration and to be amongst hundreds of financial experts and industry leaders looking for emerging technology, products, and services.

With positive support from the BFSI community, the advisory committee and endorsements from all major public and private sector banks, IBEX India has sustained its objective of bridging the sector with technology since its inception in 2011.

For more details: https://ibexindia.com/
Media Contact:
Poonam Natasha
Manager – Marcom
poonam@pdaventures.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

20+ Leading Technology Organizations Orchestrated the Loudest Fintech Show in the Philippines

MANILA, Sep 20, 2022 – (ACN Newswire) – Southeast Asia's most renowned FSI event, World Financial Innovation Series (WFIS) disrupted the Philippines' fintech market with its inaugural edition in the country on 16 – 17 August 2022 at the Sofitel Philippine Plaza in Manila. It also gave a major boost to the country's 'Digital Payments Transformation Roadmap 2020-2023' by bringing the creme de la creme of the fintech investors under one roof.

The 2-day event caught everyone's attention including myriad media houses as it had a long list of solution providers who capitalized on the platform while showcasing their next-gen products for the Financial Services Industry. The list included Oz Forensics, Onfido, Snowflake, Kissflow, AppsFlyer, Nucleus Software, Seon, ComplyAdvantage, OutSystems, GBG, Expleo, Freshworks, Redstar, GrabForBusiness, Feedzai, Panamax Inc., Pennant Technologies, Genesys, Exist, Goldpac Fintech, Infobip, MoEngage and Mambu.

During a media interview at the event, Gaurav Mehta (Head, Growth & Strategy – Pennant Technologies) said, "We are delighted to participate in the World Financial Innovation Series 2022, Manila. Owing to the changing macro-economic dynamics, the Philippines banking and financial services industry is witnessing rapid transformation. In particular the lending technology landscape in many banks and financial institutions is fragmented, prompting them to look at enhancing capabilities to meet changing consumer demand. Pennant with its future ready platform is geared to helping financial institutions in Philippines to unlock business value and create market differentiation."

The event attracted 400+ technology and business heads from the leading Banks, Insurance & Micro-Finance institutions across the Philippines who kept the solution providers/exhibitors on their toes throughout the event.

When asked about how the event platform helped SEON in promoting their products, Kaijie Ho (Senior Account Executive, SEON) expressed, "WFIS is great. It started 4 years ago in Jakarta and what I really love about this event is that it has all the great minds together at one place and it has garnered such a good ecosystem and vibe. It has delegates from all the senior banks, insurance companies, fintech companies and these happen to be all ideal customer profiles that we are trying to target. It's really good and we can't wait for the next one."

WFIS 2022 – Philippines, also hosted the top 30+ thought leaders and experts from the industry who shed light on the most pressing FSI topics focused on the latest tech innovations through keynote presentations, fireside chats and panel discussions. The delegates made the best use of the Q&A sessions to interact with the experts.

Some of the most pressing topics covered through the event included, 'Power Your Organization Forward with the Financial Services Data Cloud', 'How Digital Lending can contribute in economic upshift of Southeast Asia', 'Enabling AI-Powered Banking Services & Closing The Loop With The Customers', 'Open Banking Ecosystem', 'AML & Fraud Best Practices for Fintechs', 'To Blockchain or Not to Blockchain' and many others.

During his session at the conference Manish Narayanaswami, Associate Director – Enterprise Sales (BFSI), Kissflow, gave an amazing overview on Low-code No-code, he expressed, "Low-code No-code is no longer just a buzzword, it's a design paradigm and a natural evolution to how we code for enterprise automation. That is why there is a $50 billion market for low-code no-code tools. The vision of democratizing automation and being able to rapidly develop applications by enabling citizen developers is driving more and more to get onboard the No-code Low-code bandwagon!"

For more information about the event, log on to: https://philippines.worldfis.com/

About Tradepass

Providing access to the global emerging markets, Tradepass brings together people, products and solutions to power events for unparalleled business and networking opportunities. Being the most accredited event company, it helps organizations: enter new markets, grow sales pipeline, close prospects, raise capital and identify the right solution-providers.

As a deal facilitator, Tradepass is always determined about exposing the most agile liquid growth markets, to enable all-round scalability and growth.

Media contact:
Riya
PR & Communication Lead
riyaj@tradepassglobal.com
+ (91) 80 6166 4401
Tradepass

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

StraitsX, the issuer of XSGD and XIDR introduces Polygon as its third natively supported blockchain

Singapore, Sep 15, 2022 – (ACN Newswire) – StraitsX (www.straitsx.com), the Southeast Asia-based digital asset payment infrastructure today announced native support for the StraitsX Singapore Dollar (XSGD) and StraitsX Indonesian Rupiah (XIDR) on the Polygon blockchain. Polygon will become StraitsX's third officially supported blockchain, after Ethereum and Zilliqa.

Since its launch in October 2020, XSGD has gained rapid adoption, surpassing over 4.8 billion XSGD in on-chain transactions, making XSGD one of the largest non-USD stablecoin by market capital today. XIDR, introduced in November 2021, has also gained significant traction, joining XSGD as one of the largest Southeast Asian stablecoins.

Starting today, users can leverage the StraitsX platform to send and receive XSGD & XIDR on the Polygon network.

Head of StraitsX, Aymeric Salley said: "We're thrilled to introduce the StraitsX stablecoins in the vibrant Polygon ecosystem, enabling our users to take advantage of the faster settlement times and significantly reduced gas costs."

Hamzah Khan, Head of DeFi and Labs at Polygon, said: "StraitsX's stablecoins are some of the most-utilized in the cryptocurrency space, particularly outside the U.S. We're delighted to welcome StraitsX to the Polygon ecosystem and recognize the immense utility they'll bring — particularly within Polygon's expanding DeFi ecosystem. We look forward to providing the infrastructure that allows the project to flourish in the coming months and years."

XSGD & XIDR (Polygon) features fast and efficient transactions. Transactions on the Polygon network are significantly more cost-effective on the Ethereum network. Known as a 'layer 2' scaling solution, Polygon is designed to run decentralized applications (dApps) built for Ethereum, enabling developers to quickly scale their dApps to run on faster, more efficient infrastructure and accelerate access to Web3, decentralized finance (DeFi) and NFT markets.

About StraitsX

StraitsX is the pioneering payments infrastructure for digital assets space in Southeast Asia and a Major Payment Institution licensed by the Monetary Authority of Singapore.
StraitsX is part of the Fazz ecosystem, which aims to make the future of finance accessible for all businesses in Southeast Asia.

StraitsX offers personal and business account holders to mint and redeem StraitsX stablecoins, manage payments, and connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.

For more information, please visit www.straitsx.com.

About Polygon

Polygon (Previously known as the Matic network) is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.

Also known as a layer-2 scaling platform, the Polygon chain exists on top of the Ethereum blockchain. The Polygon chain boasts lower gas fees and faster speeds compared to the Ethereum blockchain.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Crypto Valley Association Joins Hands with The Crypto Oasis to Boost Blockchain Development in the Middle East

DUBAI, UAE, Sep 8, 2022 – (ACN Newswire) – Crypto Valley Association, the Switzerland-based association of blockchain corporates and crypto professionals, has partnered with Crypto Oasis, Dubai to connect the growing blockchain communities in both Switzerland and the Middle East. Sharing several of the same goals for the growth of a thriving global blockchain ecosystem, Crypto Valley Association joins forces with Crypto Oasis to boost the development and adoption of blockchain technology.

Ralf Glabischnig, founder of the Crypto Oasis is fully focusing on connecting the Crypto Valley to the Crypto Oasis and growing the wider Inacta Group with Venture Capital and Venture Building structures in the UAE. The goal is to replicate the unique ecosystem growth strategy from the Crypto Valley into the Crypto Oasis. Inacta is also one of the founding members of the Crypto Valley Association and believes the time is ripe for this collaboration to bring the two regions closer together and bridge the geographic distance.

The Crypto Valley Association is based out of Zug, which is Europe's crypto capital. The Association was founded to benefit from Switzerland's strengths to connect startups and established enterprises and foster blockchain – & cryptographic tech innovation and adoption. The alliance with Crypto Oasis will help build bridges, share knowledge and enable an exchange between crypto-passionates in Switzerland and in the Middle East.

Emi Lorincz, President of the Crypto Valley Association says: "I am thrilled to help accelerate the global growth of the Crypto Valley Association. After opening our CVA Latin America Chapter, the Middle East, as a hub – with already 1000+ organisations – is the fitting next step for our expansion. We are delighted to partner with the digital economy in the Middle East with our focus on blockchain technology and we're excited about this flourishing partnership with Crypto Oasis that will help us foster blockchain adoption at a global scale."

Faisal Zaidi who is a co-founder of Crypto Oasis will lead the Crypto Valley Association chapter for the Middle East. He says: "We are excited to announce our new alliance with the Crypto Valley Association. The two entities will play complementary roles and expedite our mutual aim to establish a leading global blockchain ecosystem. This alliance will connect a fragmented blockchain world by connecting Switzerland, which is at the forefront of disruptive technology, with the Middle East which is all set to become the new hub for crypto and blockchain."

To initiate building the bridge between Dubai and Switzerland, the Crypto Oasis is inviting the Dubai International Financial Centre (DIFC) to visit Crypto Valley in Zug, Switzerland. During their visit, they will identify blockchain organisations in Crypto Valley that have the potential to migrate to Dubai to further enhance the Crypto Oasis ecosystem. These crypto companies will get a chance to explore the plethora of opportunities in this region and witness a friendly jurisdiction that welcomes disruption in the digital space. Further of these visits with other major organisations like DMCC, DWTC and ADGM are planned for the future.

The heart of the fastest-growing blockchain ecosystem in the world is Dubai, which is emerging as a citadel of blockchain innovation and has the potential to back great blockchain enterprises. Crypto Oasis catalyses the growth of organisations in the crypto space and like the Crypto Valley Association, it brings together investors, start-ups, corporates, researchers and government entities. The cooperation and collaboration between both will aim to advance the digital economy in the Middle East and bring distributed ledger technologies to the mainstream.

About Crypto Valley

The Crypto Valley Association is a Swiss-based independent with the mission of building the world's leading blockchain and cryptographic technologies ecosystem. The CVA is powered by its eleven Working Groups and by its driven members. The main purpose of the Association is fostering collaboration, driving adoption of digital assets and connecting startups, established enterprises through networking, research, policy recommendations, and its yearly flagship conference, – the Crypto Valley Conference (www.cryptovalleyconference.com).

Learn more through https://members.cryptovalley.swiss/.

About Crypto Oasis

The Crypto Oasis is a Middle East-focused blockchain ecosystem supported by initiators of the Crypto Valley Switzerland. The core elements needed for its development are Talent, Capital, and Infrastructure. The Ecosystems stakeholders include Investors & Collectors, Start-Ups & Projects, Corporates, Education & Research Institutions, Service Providers and Government Entities & Associations. Crypto Oasis' vision is to be one of the leading blockchain ecosystems in the world. Today it is the fastest growing, with more than 1,100 organisations in the UAE alone. The forecast is to identify over 1,500 established organisations across the region by the end of 2022. www.cryptooasis.ae

For more information contact:
Faisal Zaidi
Crypto Oasis
faisal@cryptooasis.ae
+971552000840

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Crypto Oasis Launches Groundbreaking arte Talks with TODA for Web3 Awareness

DUBAI, UAE, Sep 5, 2022 – (ACN Newswire) – Crypto Oasis has teamed up with the Theatre of Digital Art (TODA) to launch arte Talks, a first-of-its-kind bi-monthly initiative that will bring Web3 into the mainstream. These series of talks will be based around the innovations, developments and solutions Web3 is bringing to the digital world. There was a massive turnout at the first event, held on August 28th, attracting people who wanted to know more about developments within Web3 and blockchain.

Crypto Oasis wants arte, a Web3 Meta-Community initiative, to become a global platform that will foster creativity, entrepreneurship and collaboration across borders, by shining a spotlight on prominent voices from the art and crypto communities. The series of talks also seeks to expose some of the myths that surround Web 3 and decentralised technologies by educating a large target audience about the cultural phenomenon of NFTs, the Metaverse, and Blockchain. TODA, using its state-of-the-art technology, comes in to present a sophisticated and cutting-edge way of seeing NFTS and Blockchain art and at the same time, creates an oft-missed link between digital and traditional art forms.

"We are thrilled to be partnering with TODA," commented Ralf Glabischnig, Founder of Crypto Oasis. "arte Talks will bring together like minded individuals and Web3 communities to create an environment that will enable individuals in the art and technology space. We expect this partnership to bring us one step closer to spreading Web3 and Blockchain adoption and awareness."

The pilot event featured exciting speakers who explored NFTs through unique lenses. The first talk was given by award-winning artist Amrita Sethi, whose claim to fame is being UAE's first NFT artist and visionary. Amrita turned her back on corporate life to pursue a deeper calling, leading to the creation of a new multimedia art form, called "Voice Note Art", which is now called "SoundBYTE". Her thought-provoking talk included topics like human behaviour and their understanding of art and technology. She talked at length about brand adoption and how NFTs and the Metaverse can seamlessly integrate into our lives, much like the Internet.

The second arte Talk was given by Patrick Mortiz, or PRM, the creator of Dubai Peeps, an avant-garde NFT project. His artistic speciality is moulding ultra-realistic sculptures out of clay. PRM shared deeper thoughts on the digital art space and how it can provide opportunities for both digital and traditional artists.

arte Talks has been launched at a crucial time as the world becomes increasingly tied to the digital asset market since the rise of NFTs in 2020. NFTs and the Metaverse are set to transform our futures and will continue to disrupt both the digital and traditional art worlds. arte offers exciting opportunities for creatives, visionaries and artists who seek to grow their brands and advance the regional digital economy. TODA is the ideal partner in arte's journey to seamlessly connect the art community with blockchain and finance professionals.

Daria Prodaevich, Managing Director of TODA said: "At TODA it is our mission to make complicated concepts easier for everyone. We strive to educate our community and increase awareness of the utilization of WEB3 space. arte Talks enables us to bridge the gap between the art sphere and the decentralized domain of blockchain- as well as the opportunities within it."

arte Talks will bring together the crypto community of Dubai again this month for another fascinating talk and it will spotlight some of the most exciting, emerging voices in art and blockchain. For anyone interested in taking part in arte Talks and becoming a speaker to explore and share knowledge, please apply on the following website – https://arte.community/speak-at-arte-talks

This initiative is supported by Gulf Business and GB Tech Talk (A Gulf Business brand)

About arte

arte is a Web 3.0 Meta Community initiative by Crypto Oasis. It is a digital pioneer that will enable collaborations and knowledge sharing among the Web3 community, which includes artists, finance professionals, investors, collectors, blockchain specialists, and Metaverse enthusiasts. It will help them stay updated with the latest news and trends and will also work on educating the wider public on blockchain technologies. arte will provide a space for the development of Metaverse, blockchain, and NFT (non-fungible token) solutions.

About TODA

The Theatre of Digital Art (TODA) is the UAE's first digital art theatre that offers a 360 degrees immersive experience to its visitors using state-of-the-art technology. TODA takes you into an immersive way of appreciating masterpieces from the world's most notable artists and contemporary digital creatives. It aims to make complicated new concepts simple and uses an innovative format to present the world's art. TODA provides people with the best of what the art of the future can offer.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

BoB Financial and Snapdeal Launch Co-Branded JCB RuPay Contactless Credit Card

MUMBAI, INDIA, Sep 2, 2022 – (ACN Newswire) – BOB Financial Solutions Limited (BFSL), the wholly-owned subsidiary of Bank of Baroda (BoB) and Snapdeal in partnership with National Payments Corporation of India (NPCI) and JCB International Co. Ltd. have announced the launch of the Snapdeal BoB JCB RuPay Credit Card. The card is designed keeping in mind the purchase behaviour of shopping enthusiasts and will offer a host of attractive benefits and rewards. The card will also be usable at international merchants and ATMs through the extensive JCB global network.

Users of the co-branded credit card will receive up to 5% unlimited cashback (accrued as 20 reward points on every INR 100 spent) on the Snapdeal app and website. Activation of the co-branded credit card within 30 days of issuance will entitle the cardholder to shopping benefits on Snapdeal worth up to INR 500.

The card also offers 10 reward points per INR 100 spent on online, grocery and departmental store spends. For purchases in all other categories, customers will get 4 reward points for every INR 100 spent. The cardholders will also enjoy free Add-On cards for family members, waiver of 1% fuel surcharge, easy EMI options (pre and post purchase), and periodic offers across merchants.

Commenting on the partnership, Shailendra Singh, MD & CEO, BOB Financial said, "We are happy to launch our co-branded credit card with Snapdeal, in partnership with NPCI, at a time when both new customer acquisition as well as usage from smaller cities and towns continue to grow at an impressive pace. The challenges brought about by the pandemic have resulted in a rapid adoption of digital payments even in interior locations of the country. Our co-branded credit card will offer additional value to this large segment of customers that constitute Bharat!".

Himanshu Chakrawarti, President, Snapdeal Limited said, "Snapdeal's target audience is the value-savvy, mid-income, price-conscious buyers who predominantly live in the smaller cities of India. The partnership between BOB Financial, NPCI and Snapdeal brings together parties with a deep understanding of this mega-segment of consumers and how they are evolving in terms of their use of technology and digital payments. Our co-branded card is another important step in offering additional value to our users."

Ms. Praveena Rai, COO, NPCI said, "We are happy to associate with BOB Financial and Snapdeal for the launch of the distinctive co-branded JCB RuPay Contactless Credit Card. We believe that this proposition will appeal strongly to millions of Snapdeal and BOB Financial's customers at large by offering them a unique and rewarding experience. At NPCI, we are strategically focussing on creating a wide array of offerings in the credit segment for the customers to experience delightful and memorable retail as well as e-commerce shopping."

Mr. Yoshiki Kaneko, President and COO, JCB International Co. Ltd. said, "We are extremely excited to partner with BFSL and Snapdeal through our esteemed network partner RuPay. This product, besides offering great value and benefits within India, comes with unique benefits and privileges internationally. This includes access to exclusive JCB in-city lounges at many key international travel destinations and special discounts exclusively for JCB cardmembers at many international merchants. We are sure the cardmembers will enjoy the benefits of carrying this card with them wherever they go."

About BOB Financial Solutions Limited

BOB Financial Solutions Limited was established in the year 1994. It is a Non-Banking Financial Company, wholly owned by Bank of Baroda. The Company's primary business is in credit cards with its key differentiator being simple, easy-to-understand products that are fairly priced and efficiently serviced. A pioneer in the space of credit cards, BOB Financial offers an array of products catering to all segments of customers. It is leveraging state-of-the-art technology to provide unique payment solutions to its customers. For more information, visit www.bobfinancial.com

Media contact for BFSL:
Ashutosh Kumar
9811174731
ashutosh.kumar@bobfinancial.com

About Snapdeal

Snapdeal is one of India's best known e-commerce companies and has an exclusive focus on the value segment with more than 90% of the products on its platform priced under Rs. 1,000. Snapdeal as a brand is synonymous with value e-commerce: good quality, trendy and affordably priced products that fulfill the aspirational needs of value-conscious buyers. Over the last several years, the company has enhanced its expertise in catering to the value segment of the Indian e- commerce market, comprising mid-income users who have a budget-led approach to spending and access the Internet primarily through their mobile phones. Snapdeal receives more than 86% of its orders from outside metro cities, with more than 72% of its orders coming from buyers living in Tier 2+ cities & towns. It covers 96.65% of India's pin codes and has served buyers from more than 2,500 cities. Founded in 2007 as a coupon booklet business, it transformed itself into an e-commerce deals platform in 2010. Subsequently, it launched the Snapdeal e-commerce marketplace in 2012.

About JCB

JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. JCB issues cards across various countries and regions internationally with more than 140 million cardmembers. JCB Cards are accepted at tens of millions of merchants globally through its vast acceptance network. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information, please visit: www.global.jcb/en

Media contact for JCB
Ayaka Nakajima
Corporate Communications
Tel: +81-3-5778-8353
Email: jcb-pr@jcb.co.jp

About NPCI

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.

NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India's aspiration to be a fully digital society. For more information, visit: https://www.npci.org.in/

Media contact:
Shruti Singh
9654497747
shruti.singh@npci.org.in

Priyanka Chavda
9619378489
priyanka.chavda@npci.org.in

Adfactors PR
Banali Banerjee/Pragya Sahay
9769610385/7982347652
banali.banerjee@adfactorspr.com / pragya.sahay@adfactorspr.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

NextPlay Technologies’ NextBank and Alphabit’s ABCC Cryptocurrency Exchange Complete Collaboration, Expanding NextBank Regionally and Towards Banking for the Digital Community

SUNRISE, FL, Aug 25, 2022 – (ACN Newswire) – NextPlay Technologies, Inc. (Nasdaq: NXTP), a digital native ecosystem for finance, digital advertisers, and video gamers, announced today that NextBank International, Inc. ("NextBank"), the international banking unit of NextPlay's fintech division, has structured and signed a Collaboration Agreement with Alphabit Consulting Pte. Ltd. ("Alphabit"), formally launching the process of bringing deposit accounts and payment cards to members of Alphabit's ABCC cryptocurrency exchange ("ABCC").

The signed agreement creates an opportunity for tens of thousands of ABCC customers to open NextBank accounts and represents the first partner onboarding since NextBank revamped its operating systems to support this type of scalability. Once implemented, ABCC Exchange customers will be able to convert cryptocurrencies to, and use NextBank accounts to transact in, fiat currencies, and also use NextBank prepaid cards that will allow ABCC Exchange customers to transact in fiat currencies using their crypto assets. In the future, subject to NextBank's and ABCC's receipt of necessary regulatory approvals, the parties intend to provide an additional opportunity for ABCC customers to apply for payment cards under which approved customers will have the ability to borrow funds from NextBank, which borrowings are to be secured by cryptocurrencies held by the customer in a separate account at ABCC.

Alphabit has built a broad global user base with ABCC. As a Singapore-based cryptocurrency exchange operator, Alphabit has submitted a license application under the Payment Service Act 2019 to provide account issuance services and digital payment token services as it continues to operate under a license exemption.

Todd Bonner, chairman of the board of directors of NextPlay Technologies and head of the company's fintech division, stated: "Last month our team implemented improvements in NextBank's core operating infrastructure, significantly expanding the capabilities of our Fintech division, including for mobile and online banking. We intend to continue that improvement by seeking regulatory approval to add insurance products and block chained assets to our banking services. With the ABCC relationship, we have the potential to expand NextBank's deposit base and depositor count to many multiples of their current level. The relationship with ABCC is expected to provide us with the opportunity to offer credit to this emerging class of high-net-worth crypto investors. Soon, we expect to offer unique insurance products and well-underwritten and currently not easily accessible real world alternative asset classes. We are very thankful to Calvin and his excellent team for offering us a chance to grow with ABCC."

ABCC president, Calvin Ng, stated: "We started discussions with NextBank earlier this year seeking their financial services due to their architectural design, international online banking capabilities, and their positioning in the international online banking marketplace. We believe that such a cooperation between ABCC and NextBank will mark the beginning of a new paradigm in digital assets and banking, providing a new form of seamless services of the future. ABCC is very happy to secure this cooperation and encourages crypto exchanges globally to follow such a path."

About Alphabit and ABCC

Based in Singapore, Alphabit Consulting Pte. Ltd. operates the ABCC cryptocurrency exchange. ABCC is a leading crypto exchange that is exploring the future development of cryptocurrency projects for global users. It is working to create a world where cryptocurrency co-exists with traditional financial markets through robust Know-Your-Customers (KYC) processes. By engaging with reputable vendors, it seeks to deliver RegTech solutions that create a safe platform for its ABCC members. To learn more, visit abcc.com.

About NextPlay Technologies

NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology solutions company offering games, in-game advertising, and crypto-banking services to consumers and corporations within a growing worldwide digital ecosystem. NextPlay's engaging products and services utilize innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of its existing and acquired technologies. For more information about NextPlay Technologies, visit www.nextplaytechnologies.com and follow us on Twitter @NextPlayTech and LinkedIn.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of, and within the safe harbor provided by the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including "will," "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Factors that may cause such a difference include risks and uncertainties including, and not limited to, our need for additional capital which may not be available on commercially acceptable terms, if at all, which raises questions about our ability to continue as a going concern; current regulation governing digital currency activity is often unclear and is evolving; our and ABCC's ability to secure all necessary regulatory approvals to expand the partnership to its fullest, and intended, potential; the future development and growth of digital currencies are subject to a variety of factors that are difficult to predict and evaluate, many of which are out of our control; the value of digital currency is volatile; amounts owed to us by third parties which may not be paid timely, if at all; certain amounts we owe under outstanding indebtedness, which are secured by substantially all of our assets and penalties we may incur in connection therewith; the fact that we have significant indebtedness, which could adversely affect our business and financial condition; uncertainty and illiquidity in credit and capital markets which may impair our ability to obtain credit and financing on acceptable terms and may adversely affect the financial strength of our business partners; the officers and directors of the Company have the ability to exercise significant influence over the Company; stockholders may be diluted significantly through our efforts to obtain financing, satisfy obligations and complete acquisitions through the issuance of additional shares of our common or preferred stock; if we are unable to adapt to changes in technology, our business could be harmed; if we do not adequately protect our intellectual property, our ability to compete could be impaired; our business is susceptible to risks associated with international operations; unfavorable changes in, or interpretations of, government regulations or taxation of the evolving Internet and e-commerce industries, which could harm our operating results; risks associated with the operations of, the business of, and the regulation of, Longroot and NextBank International (formerly IFEB); the market in which we participate being highly competitive, and because of that we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could harm our business; the volatility of our stock price; and that we have incurred significant losses to date and require additional capital, which may not be available on commercially acceptable terms, if at all. More information about the risks and uncertainties faced by NextPlay are detailed from time to time in NextPlay's periodic reports filed with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the headings "Risk Factors". These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made only as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by fourth parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Company Contacts:
NextPlay Technologies, Inc.
Richard Marshall
Director of Corporate Development
Tel: (954) 888-9779
Email: richard.marshall@nextplaytechnologies.com

Alphabit Consulting Pte. Ltd
Alan Li
Chief Executive Officer
Email: alan.li@abcc.global

SOURCE: NextPlay Technologies, Inc.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Paribus (PBX) Announces Multichain Integration and Partnership

MIAMI, FL, Aug 25, 2022 – (ACN Newswire) – As our regular readers know we've been using the extra time our testnet deployment afforded us to equip Paribus with the optimal conditions for our mainnet launch. As part of that process, we're absolutely thrilled to share with the community that we've partnered with Multichain so that our PBX token can now be bridged to Arbitrum, Milkomeda, and Polygon.

Cross-chain interoperability has always been at the heart of everything we hope to achieve and it's incredible that we've already reached this milestone. Development teams from both Paribus and Multichain have worked tirelessly to ensure the success of this move, going above and beyond our wildest expectations.

Multichain is a leader in terms of security, cross-chain speed, and costs. Since its foundation, it has evolved from a 1:1 cross-chain bridge to an innovative cross-chain router system that interconnects multiple chains. It offers an advanced and real-time Cross-Chain Router Protocol (CRP) system that supports the interoperability of tokens, NFTs, and general data across multiple chains.

For PBX holders the minimum volume required for a cross-chain transaction through the router is between 2,847 PBX and 9,412 PBX depending on which chain the bridge is between. Likewise, the maximum amount per transaction is 180,000,000 PBX to 2,747,026,344 PBX, again depending on the chain that's being bridged to.

The transaction speeds are incredible too, with most transactions arriving within 10-30 minutes. Larger transactions may however take up to 12 hours to arrive. The definition of a large transaction varies from 1,000,000 PBX to 549,405,268 PBX depending upon the chain that it's bridging to.

For those unfamiliar with Multichain, they may remember its previous name, Anyswap, which was founded in July 2020. Anyswap started life as a cross-chain decentralized exchange, however, seeing the strength of its development in cross-chain solutions it pivoted to specialize in bridging infrastructure.

They now provide a cross-chain router service that has a strong track record in terms of both speed and security, having quadrupled their speed of transactions over time. Significantly for Paribus, they also operate a non-custodial approach using Multi-Party Computation (MPC) technology. In practical terms this enables users to keep their full private key secret during interactions with the bridge. Because Multichain is non-custodial it means that it can't take control of users' assets, which is something we've seen happen with other platforms.

As our CTO Simon recently explained in relation to DAOs controlling users' assets, "Deciding to control another person's wallet without their permission isn't something that I feel should be acceptable." As such it was hugely important to us that the bridge provider we partner with operates on a non-custodial basis and we're delighted things have worked out so well with Multichain.

Another crucial factor for us is the approach that Multichain takes towards its security. As we all know nothing in the blockchain space is ever 100% secure. Exploits and vulnerabilities are regularly exposed and as such, we take a very cautious approach to security.

In addition to being audited by TrailOfBits, SlowMist, PeckShield, DEDAUB, and BlockSec, Multichain also operates a bug bounty program and a security fund. The bug bounty program incentivizes the reporting of bugs from the community and the security fund is intended, "to provide protection for system operation and financial security in the event of unforeseen risks". Their security audits are available for anyone to review:
GitHub: https://github.com/anyswap/Anyswap-Audit

We're sure you'll be as delighted as we are to welcome our new strategic partnership with Multichain. Together we can help drive forward the future of interoperable DeFi.

Click the link below for the Multichain app. Liquidity will be provided by the Paribus team in the coming days: https://app.multichain.org/#/router

About Paribus

Paribus is a cross-chain borrowing and lending protocol for NFTs, liquidity positions, and synthetic assets, powered by the Cardano blockchain and is traded on Kucoin, Gate and Uniswap. https://Paribus.io

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com